- February 2021 real estate update for Oakville demonstrates that buyers are going to extraordinary lengths to purchase a home in our town. Within a few days of a property being listed, almost every type of home is selling above list price. Over the past year a price of a residential property in Oakville has jumped in excess of 20 per cent.
For another month residential sales across the GTA saw double digit increases in both the volume of properties sold and the increase in value. There were 52% more properties sold during February 2021 than during February 2020, and over same period property values increased by 14.8% to $1,045,488 for an average residential property. This is the first time the average price rose above one million.
Year-over-year home prices
An average residential property in Oakville is now going for $1,273,300 which increased by 20.18% since January 2020. The price of an average detached home is $1,520,500 an increase of 22.51%; an attached home is $1,031,500 up 23.84%, a town-house will run you 19.89% more at $819,900 and a condominium apartment costs $553,800 up 10.14%.
Statistics for Feb 2021 Oakville residential real estate
| Type | Units Sold | Medium Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 267 | $1,606,000.00 | 106% | 10 |
| Semi-Detached | 13 | $1,150,000.00 | 113% | 4 |
| Link | 3 | $1,125,000.00 | 104% | 12 |
| Condo Apartement | 45 | $555,000.00 | 99% | 25 |
| Condo Town House | 33 | $700,000.00 | 107% | 8 |
| Freehold- Town House | 88 | $1,081,500.00 | 110% | 8 |
DOM - total days a property is for sale, % LP to SP - percentage difference between the list price and the sold price.
Current Listings
As of March 9 on Realtor.ca here is what there is available at the average price of $1.270 million:
- Two bedroom, two bathroom 1830 square foot apartment in Bronte's Ennisclare complex, which is move in ready.
- Three plus one bedroom, four bathroom bungalow loft detached home with a one car garage which is upgraded and located in north-east Oakville.
- Three plus one bedroom, three bathroom late 60's early 70's well maintained bungalow with a one car garage located in south-east Oakville.
As Oakville enters the spring real estate season, it is hard to imagine how much further buyers are capable of extending their credit to purchase a home. Major banks are beginning to increase their mortgage rates, which might take some heat off this seller's market. However, in Oakville there is only 1.6 months of inventory and the average home is selling in 15 days for 106 per cent of the list price.